Meats Futures Prices
- Redux: Shying From The Long Side of All Markets
September is notorious for being the most....
- TFM Sunrise Update Sept 24, 2020
Grain complex in the red overnight pressured by row crop harvest and higher dollar. Cattle on Feed, Quarterly Hogs/Pigs report spell position-squaring...
- Livestock Report
Hogs and Feeders consolidate and cattle higher
Futures Market News and Commentary
At the close on Thursday, lean hog futures were down $0.32 to $1.07 in the front months. October futures were the firmest, closing just 2 cents lower. The CME Lean Hog Index was $72.89 on 9/22, up another $0.72. USDA’s National Average Base Hog price for Thursday afternoon was 36 cents stronger @ $64.71. After the close, the quarterly Hogs & Pigs report had all hogs totaling 79.099 million head as of Sept 1. That was up 0.66% yr/yr, while the trade was expecting no change. Hogs kept for breeding were down 1.52% yr/yr, a smaller reduction than anticipated. The summer pig crop was down 3.5% compared to the average trade guess of 5%. Pork export sales from the week ending 9/17 were 37,788 MT. That was down 25% wk/wk, but up 17% yr/yr. USDA’s National Pork Carcass Cutout value was $3.06 higher to $92.03 on strength in hams. USDA estimates the week’s FI hog slaughter is 1.935 million head through Thursday. That is up 60,000 head yr/yr.
Oct 20 Hogs closed at $69.475, d... Read more
Front month fat cattle futures closed the Thursday session $0.62 to $1.07 higher. October was about $3.02 over the cash market. Feeder cattle futures closed 70 to 95 cents in the black. Sept feeders expired at $141.45. The 9/23 CME Feeder Cattle Index was up $0.31 to $142.59. USDA reported Thursday’s cash sales activity at $105 for KS and at $104-$105 for WCB. NE dressed deals went for $165. There were also some lower graded heifers that went for $103, the week’s range of sales so far is $103 to $105.25. USDA reported beef export sales were 18,010 MT on the week ending Sept 17. That was up 26% wk/wk, but down 6% from the same week last year. This afternoon’s update showed wholesale boxed beef price recovered further. Choice boxes were quoted @ $217.48, up $1.61 cwt. Select boxes were 14 cents higher to $207.74. Ahead of tomorrow’s CoF report, the trade expects on feed on Sept 1 to be ~11.355 million head. That comes from 3.4% lower expected marketings and a 5.9% expected bump in Aug... Read more